New Bankruptcy Law Helps Veterans Qualify
New bankruptcy law helps veterans get more relief in bankruptcy.
Small Business Help
Bankruptcy may help if a small business needs to restructure debt to improve cashflow. Where the business needs to close, bankruptcy may relieve the owner from personal liability on the business debt.
How Long Will a Bankruptcy Show up on My Credit Report?
People often delay filing bankruptcy because they are afraid of how long bankruptcy will show up on their credit report. How long it stays on your credit report depends on which chapter of bankruptcy you file. Most individuals or small businesses file either Chapter 7 bankruptcy (straight bankruptcy) or Chapter 13 bankruptcy (debt reorganization.) [...]
How Bankruptcy Affects Credit Score
In this modern world, your credit score affects many things. Your credit rating determines how much you pay to finance a home and a car. The cost of other necessary services, such as insurance and cell phone charges, may also be increased if your credit score is low. People considering bankruptcy worry about how [...]
Can Bankruptcy Help Your Brain?
Everyone knows that high levels of stress can interfere with the way you function. Lack of sleep, distraction, and foggy brain are just some of the symptoms of too much stress. A recent Chinese study found that getting rid of debt improves brain functioning. Participants were tested before and after their debt was paid off [...]
Don’t Fear Business Failure!
So many factors must align for a small business to work. 50% of small businesses fail. Small businesses are the backbone of the US economy. Bankruptcy law favors small businesses. If the majority of your debt is business debt, no means test is required. Bankruptcy may help you bounce back after a business failure. [...]
Deciding to File Bankruptcy
How do I decide whether I should file bankruptcy? Deciding to file bankruptcy is not easy. You beat yourself up or feel ashamed over past financial mistakes. You want to repay your debt. Sadly, some people struggle for years trying to pay back debt before facing the decision that bankruptcy is needed. Be realistic. [...]
Bankruptcy Means Test: Two Chances to Pass
Summary: The Bankruptcy Code requires most debtors to take the 'Means Test.' While the details are complex, most people pass without issue. This article reviews how debtors get two chances to pass the Means Test. The "Means Test" One of the primary issues in a consumer bankruptcy case is whether the debtor passes the [...]
Discharging Student Loans in Bankruptcy
SUMMARY: Student loans can be discharged in bankruptcy only upon proof of undue hardship. The standard of evidence required is extremely high. Even where the student loan is not dischargeable, bankruptcy may help some by discharging other debt or restructuring debt, to make money available to pay the student loan. Don't Do Nothing. Taking [...]
Chapter 7 Bankruptcy – Means Test Income & Exemption From Means Test
Summary: Certain types of income (mainly social security and veterans disability) is excluded from the means test. Some people are not required to take a means test at all. Income That Does Not Count Towards Means Test Your household income is used to determine whether you have enough money to pay back a significant [...]